'India Has Ample Fuel Reserves', Says Maharatna PSU BPCL Amid Israel-US-Iran War

Amid supply chain disruptions in the Middle east and 90% decline in tanker traffic in the Strait of Hormuz, downstream oil major Bharat Petroleum Corporation Ltd (BPCL), noted that India has ample fuel reserves and supply chains are running normally.

"Rumors of petrol and diesel shortages are completely unfounded. India has ample fuel reserves and supply chains are running normally," the Mumbai-headquartered oil and gas company noted.

This comes amid after several container vessels are waiting, diverting, or delaying transit via one of the world's most-critical chokepoints.

Meanwhile, India has invoked emergency powers and directed refiners to maximise production of ​liquefied petroleum gas (LPG) to prevent a shortage of the ‌cooking fuel after supply disruptions caused by the Middle East crisis, a government order showed, citing a Reuters report.

Imports account for about two-thirds of LPG consumption, with the Middle East making up about 85–90% of that supply.

The government has asked producers to make LPG, propane and butane available to state refiners - Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp for distribution to households.

Also Read: MRPL Operating Normally; India Comfortable on Oil, LPG: Govt Sources

Earlier, government sources told ANI that the south Asian nation's current stock of energy supplies is adequate, with stock being replenished on a daily basis.

"There is no shortage of LPG or LNG. There is no shortage of crude oil in the world. India is in touch with other suppliers as well," the source were quoted as saying.

However, Vedanta Group Chairman Anil Agarwal earlier noted that, "India is vulnerable because we import 90% of our oil and gas."

"We are surrounded by sea on three sides which can be blockaded in hostile times. There is no option but to raise our domestic production. We are the world’s fastest growing market for oil and gas. And our demand will keep growing for another 20 years at least," he said.